Scoop has an Ethical Paywall
Metlifecare shareholders vote in favour of amended merger
Metlifecare shareholders vote in favour of amended merger deal
By Hannah Lynch
June 21 (BusinessDesk) - Metlifecare shareholders have voted in favour of an amended merger proposal, after the retirement village operator reduced the amount of shares it will use to pay for the deal and abandoned plans to raise new equity capital.
“The merger is a significant milestone for the company and brings with it a number of benefits for Metlifecare and our shareholders”, Brent Harman, managing director said in a statement.
Metlifecare amended changes to its proposal this morning winning over the majority of institutional investors. Its initial proposal was criticised as being too generous to major shareholders.
Metlifecare will get eight new rest homes in the merger with Vision and Private Life Care Holdings, which are to receive shares in the enlarged company as payment. That boosts its portfolio to 24 villages, three of which are in development. The number of units will increase to 3,902 from 2,460, while brownfield and greenfield capacity climbs to 1,011 units from 380 units.
The Auckland-based company is now looking to sell down its shares in Retirement Villages New Zealand.
Shares in Metlifecare have shed about 5 percent this year and are currently trading at $2.16.
(BusinessDesk)
NZ Trucking Association: TruckSafe New Zealand Launches | A Game-Changer For Heavy Vehicle Safety And Compliance
Gaurav Mittal, IMI: How Can We Balance AI’s Potential And Ethical Challenges?
Science Media Centre: Several US-based Environmental Science Databases To Be Taken Down – Expert Reaction
Consumer NZ: Despite Low Confidence In Government Efforts, People Want Urgent Action To Lower Grocery Bills
NZ Banking Association: Banks Step Up Customer Scam Protections And Compensation
The Reserve Bank of New Zealand: CoFR Seeking Feedback On Access To Basic Transaction Accounts
